Promax Trading Spreads, leverage, minimum deposit Revealed

Registered in	St. Vincent and the Grenadines
Regulated by	No effective regulation at this time
Year(s) of establishment	2-5 years
Trading instruments	Currency pairs, indices, commodities, metals, energy, stocks
Minimum Initial Deposit	$200
Maximum Leverage	1:500
Minimum spread	0.0 pips onwards
Trading platform	MT5, own platform
Deposit and withdrawal method	skrill, credit/debit card, webmoney, neteller, bank wire, unionpay, knet, fasapay
Customer Service	Email/phone number/address/live chat
Fraud Complaints Exposure	No for now

　　General information and regulations of Promax

　　Promax is an online forex broker registered in Saint Vincent and the Grenadines with an operating time of 2-5 years.

　　In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on.

　　At the end of the article, we will also briefly summarize the main advantages and disadvantages so that you can understand the broker's characteristics at a glance.

　　Market instruments

　　Currency pairs, indices, commodities, metals, energy, stocks.....Promax allows clients to access a huge range of trading markets. Therefore, both beginners and experienced traders can find what they want to trade on Promax. cryptocurrencies are currently unavailable.

　　Spreads and commissions for trading with Promax

　　In the case of Promax, the spreads and commissions depend on instruments and accounts. For premium and ultimate accounts, the commissions are respectively 8 USD and 5 USD per lot, while for other two accounts types there is no commission. The spreads are variable and will be different for different instruments and accounts.

　　Account Types for Promax

　　Demo Account: Promax provides a demo account that allows you to try out the financial markets without the risk of losing money.

　　Live Account: Promax offers a total of 4 account types: starter, premium, ultimate and pamm. The minimum deposit to open an account is $200, $5,000, $25,000 and $500 respectively. If you are still a beginner and don't want to invest too much money in Forex trading, a starter account will be the most suitable option for you. However, we should also realize that too little capital not only reduces losses, but also reduces profitability. Therefore, you may find it “unexciting” or unprofitable. In addition, accounts with smaller initial deposits tend to have poorer trading conditions.

　　Trading platforms offered by Promax

　　The MT5 trading platform features powerful charting capabilities, including over 50 different technical indicators and intraday analysis tools. Access from a variety of devices also makes trading easier for users.

　　Leverage offered by Promax

　　Promax offers a maximum leverage of up to 1:500, which is a generous offer and ideal for professional traders and scalpers. However, since leverage can magnify your profits, it can also result in a loss of capital, especially for inexperienced traders. Therefore, traders must choose the right amount according to their risk tolerance.

　　Deposit and withdrawal methods and fees

　　In terms of deposit and withdrawal, like many good brokers, Promax provides a detailed form with important information about currency, payment method, minimum amount, arrival date, fees, etc. possible payment methods are: skrill, credit/debit card, webmoney, neteller, bank wire, unionpay, knet, fasapay.

　　Educational resources

　　A series of educational resources is available at Promax, such as trading tools, economic calendar, technical analysis, forex news, commodities news, indices and shares news, etcetera.

　　Customer support of Promax

　　Below are the details about the customer service.

　　Language(s): English

　　Service Hours: 24/5

　　Email: support@promaxtrading.com

　　Phone Number: +994 55 839 47 96

　　WhatsApp: +994 55 839 47 96

　　Social media: Facebook, Instagram, LinkedIn, YouTube, twitter, telegram, etcetera

　　Users exposures on WikiFX

　　We have not received any reports of fraudulent activity at this time. However, this does not necessarily mean that this broker is safe and you should remain vigilant to prevent being scammed.

　　Advantages and disadvantages of Promax

　　Advantages:

　　High leverage

　　MT5

　　Sufficient information

　　Educational resources

　　Many instruments available

　　Demo account

　　Negative balance protection

　　Disadvantages:

　　No effective regulation

　　No MT4

　　No copy trading

　　Frequent asked questions about Promax

　　Is this broker well regulated？

　　No, it is currently not effectively regulated and you are advised to be aware of its potential risks.

　　Does this broker offer negative balance protection？

　　Yes, Promax offers negative balance protection, which means you will never lose more than the money you deposited.

　　How much leverage does this broker offer？

　　The maximum leverage of Promax is 1:500. Please note that this leverage may only be available for some accounts and products. Please consult our articles or the dealer's website for specific information.